OpenCharities

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2024-03-31-accounts

Charity registration number 1072104

Company registration number 03159878 (England and Wales)

OPEN CITY

(FORMERLY OPEN CITY ARCHITECTURE)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Trustees Pooja Agrawal Dav Bansal Anna Liu Eleanor Dodd Sara Bailey Deborah Denner Peter Bury (Appointed 23 May 2023) Carolyn Larkin (Appointed 23 May 2023) Selina Mason (Appointed 23 May 2023) Roland Oakshett (Appointed 28 May 2024) Aretha Ahunanya (Appointed 28 May 2024) Charity number 1072104 Company number 03159878 Registered office C1, Design District Unit 2 Floor 11a Cripps Yard Soames Walk London SE10 0BQ

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) CONTENTS

Page
Trustees' report 1 - 9
Statement of trustees' responsibilities 10
Independent auditor's report 11 - 14
Statement of financial activities 15
Statement of financial position 16
Statement of cash flows 17
Notes to the financial statements 18 - 29

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees of Open City are pleased to present their annual report together with the financial statements of the charity for the year ending 31 March 2024 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Activities

The Charity Commission's guidance on public benefit (section 17(5) of the 2011 Act) has been considered when applying the objectives of the Charity.

Open City’s charitable object is to foster public appreciation of and advance public education in architecture. To achieve this object Open City makes architecture, neighbourhoods and the wider built environment more open, accessible & equitable. We empower communities to learn about, feel connected to, and have a role in shaping places where they live. We collaborate with people from diverse communities to widen access to spaces, neighbourhoods, knowledge and careers that they are often excluded from. We do this by creating educational and cultural programmes that discuss, celebrate and open up historic and contemporary architecture.

Our work is organised into four strands:

Annual Open House Festival

Empowering local communities, residents and homeowners, civic organisations and local businesses to exhibit and learn about buildings and neighbourhoods which matter to them, our flagship annual event Open House Festival is an accessible volunteer-led public celebration encouraging audiences to explore new places, learn about different communities & experience diverse architecture first-hand each September.

Children and Young People’s Education

We work with schools and higher education providers to support children and young people from lower socioeconomic backgrounds, under-represented communities, and with special educational needs and disabilities to learn design skills and critical thinking needed for successful careers in creative industries including design, architecture and landscape. This includes city-making workshops at primary and Special Educational Needs (SEN) schools, workshops in secondary schools as well as the Accelerate programme that provides workshops and mentoring sessions for young people traditionally excluded from architecture to create pathways into careers in the built environment.

Events, Tours and Broadcasting

A year-round programme of events, award-winning podcasts, tours, training courses, publications, video reel content, merchandise and volunteering opportunities to democratise public knowledge about cities and the way we live in them.

Open House Worldwide Network

Supporting, growing and cultivating dialogue across a network of over 60 Open House Festivals around the world, from Lagos to New York, we creatively engage at least 750,000 citizens a year with architecture of their local communities. Open City believes a good city is one in which all citizens have a voice in shaping the design, development and care of the built environment.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

Significant activities and achievements against objectives

Programmes in 2023–24

2023–24 saw the charity have its most socially-impactful year since the pandemic with 61% of visitors to the festival feeling more connected to London; the beginning of our young people’s programmes expanding beyond London to Birmingham; and growth in engagement across our year-round programme of tours, training courses, podcasts and publications.

A full summary of the charity’s services are as follows:

London Open House Festival 2023

As Open City’s largest event of the year, the London Open House Festival is a city-wide celebration of buildings, communities and neighbourhoods across all 33 London boroughs supporting people of diverse backgrounds to explore and learn about architecture and heritage. The festival generates huge social value with tens of thousands of people visiting new neighbourhoods for the first time and feeling more connected to London and its communities as a result.

This year, an overwhelming 98% of visitors enjoyed their visit to the Open House Festival and the same number would recommend the event to their friends. 227,000 estimated visits to festival sites took place in 2023’s Open House Festival across 710 sites including walking tours, housing estates, government buildings and many other places. 90% are not normally open to the public year-round. It’s interesting to note that 86% of visitors to the London Open House Festival have no specialist training in architecture or built environment subjects. 61% of Open House Festival visitors said they felt more connected to London as a result of taking part in the festival and 51% said it gave them a more positive view of the capital. There was a £7 million estimated direct spend in the London local economy as a result of the festival and 90% of visitors use sustainable transport including cycling and walking to access the festival programme.

Volunteers

Open City's work and programmes would simply not be possible without the remarkable contribution our many volunteers make to delivering our work. From built environment professionals leading workshops in schools all year round, to community groups delivering tours and events during the annual Open House Festival, volunteers are the lifeblood of our work. Together our volunteers give tens of thousands of hours each year to enable Open City's programmes which we estimate to represent many thousands of pounds worth of donated time. Volunteers don't just achieve social impact, but are impacted themselves, learning and deepening their relationship with London through donating their time.

In 2023, Volunteers gave 3,171 hours to support communities through the London Open House Festival. 27% of volunteers at the Open House Festival were volunteering for the first time, a rise from 19% in 2022. Architects and designers also volunteered 1,056 hours to support and mentor young people through Open City's Accelerate programme. We estimated that 17,000 hours are volunteered each year across the Open House Worldwide network of which the London Open House Festival is one of many happening around the world. There were also 72 events that took place as part of Open City's Young City Makers project this year, all of which were supported by built environment professionals volunteering their time to enable the programme.

Open City Tours

Open City delivers a year-round programme of educational and adventurous public tours discussing key themes relating to neighbourhoods, architectural heritage and the urban landscape. Travelling by foot, bicycle or boat, the tours programme furthers our charitable aims while also providing us with a stable income stream to support our free programmes.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

In addition to our guide-led tours we publish a series of free audio tours and also printed tours providing a diverse variety of accessible ways for audiences to explore the city in groups or alone. Over the last year we ran 308 guideled tours, which reached over 4,300 people; sold 4,733 printed tours; and connected with 8,018 listeners through our audio tours. Several free public tours were run as part of the Open House Festival.

Digital Content and Broadcasting

We use a variety of digital formats to engage audiences where they are. Our award-winning TikTok and Instagram channels are highly successful platforms where we regularly educate an audience of over one million people about the stories behind Britain’s built landscapes. Open City also runs a successful website with over 300,000 unique visitors a year and a popular weekly email newsletter with approximately 100,000 subscribers. The charity publishes a popular weekly podcast, The Brief, which received 91,623 listens over the last year. 100% of listeners said they enjoy or “very much enjoy” listening to our podcast with 92% of listeners saying that they learned something from listening to the show that helped with their work or personal life and 86% of subscribers saying that the show improves their wellbeing.

Merchandise & Publishing

Open City creates impactful merchandise and publications for communities everywhere to enjoy. Our publishing programmes help architecture and regeneration professionals in the public and private sectors become more knowledgeable and passionate about the ethical dimensions of their work. Over the last year, we sold over 1,000 books. Our merchandise ranges from patterned socks with themes drawn from London’s celebrated institutions and history to tote bags, cards, artistic prints and soaps, each telling different stories about the city we live in.

It’s My City Too! (SEN Education programme)

Too many young Londoners feel excluded from decision-making contributing to an increasing sense of isolation and lack of belonging. The situation is even starker for those with additional access requirements who too often feel dismissed and overlooked. Open City’s It’s My City Too! Programme supports children with Special Educational Needs (SEN) and disabilities as well as their teachers and families by delivering tailored workshops and visits across multiple SEN schools. The programme is supported by John Lyon's Charity as well as other local partners. The programme puts co-creating with young people at the heart of its approach; exploring the city together, making and modelling together and sharing a vision for a more inclusive, equitable and accessible city. Open City continued to create, fund and deliver support for children and young people throughout 2023–24 with 100% of SEN teachers who took part in It’s My City Too saying that they now feel more confident using architecture and design in their wider curriculum. In 2023–24, we reached 66 students as well as 40 teachers and assistants across 3 SEN schools in Westminster and Brent over 32 workshops and 5 visits.

Young City Makers (KS2 Primary School Education programme)

Young City Makers is a creative learning programme for primary school pupils in Years 4, 5 and 6. The programme, through hundreds of design workshops and study trips, aims to both train teachers in how architecture can be used in the classroom and built environment professionals in how to better engage young people. For the majority of young participants, Young City Makers is the first time they have been taught about architecture or the social purpose of city design. This year saw the biggest iteration of the programme yet with 72 events taking place in partnership with 24 schools and almost 1,500 students. Each primary school was partnered with a professional design firm and together, they explored ideas for careers and the future of London.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Accelerate Studios (12–16 year old Education programme)

Accelerate Studios provides in-school design workshops for GCSE students aged 14 to 16, delivered by young adults who have themselves been supported by Open City's education programmes. The social impact of Accelerate Studios is double – providing outstanding classroom workshops and events for nearly 1,000 young Londoners across 41 classes and 24 schools with meaningful paid employment for 20 young adults from underrepresented communities. For schools, the programme is free, with all materials provided by Open City thanks to the generous support of our sponsors. Accelerate Studios is the first Open City programme to have launched not just in London but in Birmingham as well.

Accelerate (16–18 year old Education programme)

Accelerate is a design education and mentoring programme supporting young Londoners aged 16–18 from underrepresented backgrounds to pursue careers in city-making professions including architecture, landscape, engineering and planning. Accelerate helps diversify the workforce of London’s built environment industries to be more representative of the city’s communities.

During 2023, 88 Accelerate participants developed new skills during the course that will help them pursue careers and university studies. and related fields. The course equips participants with the skills, portfolios, networks and confidence to make informed progression choices and to thrive in university and beyond. Since its inception, Accelerate has supported more than 500 young people from historically marginalised backgrounds to create, express and develop their ideas and skills.

Each year, Accelerate supports nearly 100 students making it the largest free year-long design and mentoring programme dedicated to supporting young people from under-represented communities in the country. Accelerate achieves a 93% retention rate over the duration of the programme making it one of the most effective comparable initiatives at supporting young people to complete the course in full. 90% of Open City’s Accelerate students were from ethnic minority backgrounds, 39% were eligible for Free School Meals and 43% were first in their family to go to university. 55% of our students identify as female, and 42% as male. 100% attend non-fee paying schools. 100% of Accelerate participants say the programme gives them a better understanding of how the city is constructed.

Accelerate continues to grow with the addition of Ravensbourne University in 2024–25 and the inaugural year of the Birmingham programme being rolled out from 2025–26 onwards.

Training Courses

Open City runs courses, workshops and day trips for professionals covering public speaking, urban tour guiding and outstanding housing design. Our courses provide creative opportunities for continuous professional development and support individuals to embark on new career paths. In 2023–24, we trained 31 new urban tour guides to develop their skills and confidence. During 2023 we supported 52 professionals to improve their public speaking and communication, and 45 to visit and understand outstanding housing of the 20th century.

Open House Worldwide

Open House Worldwide is a network of over 60 organisations sharing a mission to make cities more open, accessible and equitable. Founded by Open City in London, the network now reaches a combined global audience of 750,000 people a year across its festivals. The collective work of the network has an enormous positive impact on communities around the world, helping citizens learn about architecture and feel more connected to cities everywhere. Last year we helped launch new Open House Festivals in: Miami, United States; Bern, Switzerland; Hong Kong, China; Murcia, Spain; Zaragoza, Spain; and Pristina, Kosovo.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Sponsors and Partners

Open City is grateful for the support of a number of important sponsors and partners who are listed below:

Headline Sponsor for the London Open House Festival in 2023 was Airbnb.

Additional sponsors include:

London Borough Partners

Open City would like to thank the following London Boroughs who supported our work with financial support towards the costs of staging the Open House Festival:

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Partners

Open City would like to thank the following organisations who supported our work through sponsorships, grants and in-kind donations:

Young City Makers Partners:

Accelerate Partners:

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Media Partners

Charity Partners

Financial review

Total income for the year was £1,033,055 compared to £1,162,863 in the 15 month period to 31st March 2023 of which £97,149 (2023: £15,000) was restricted income and the balance was unrestricted. Total expenditure was £1,088,685 (2023: £1,070,675) leading to a deficit for the year of £55,630 (2023: surplus £92,188). Total reserves at the year end were £341,140 (2023: £396,770) of which restricted funds were £56,459 (2023: £24,499) and unrestricted funds of £284,681 (2023: £372,271).

Reserves policy

The board of trustees kept the reserves policy at the same level as previous years to maintain at least £300,000 of unrestricted reserves, which the board deemed sufficient to run the organisation for three months without income.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Major risks

Risk Management

Income

Open City is working towards the assumption that funding from local authorities and the construction sector is likely to be harder to secure in the next few years. Our introduction of individual donations through the friends programme has become a growing source of income, helping us to diversify our income streams further. This was improved by adding individual giving as part of the visitor journey when signing up to attend events during the London Open House Festival. The Open City team are continuing to develop strategies to diversify our income. Bringing Airbnb on board as a headline sponsor for the festival alongside an extensive range of public and private sponsors as well as charitable trusts and foundations for our Education programmes as well as across the organisation has allowed us to maintain a diverse income base for the year and keep a majority of our programming free.

Financial Monitoring

Cash reserves are reviewed on a regular basis by the office manager and the COO and if nearing the reserves limit, this is referred to the CEO and Treasurer. Cash flow projections are compiled and reported to the Treasurer and CEO by the COO on a monthly basis. Management accounts are compiled and reported to the Treasurer and CEO by the COO on a quarterly basis.

After the accounting year was extended to a 15 month year in 2022–23 to shift Open City’s year end to run in line with the financial year, this financial year sees a return to a 12 month year.

Economic Impacts

There have been several national and global crises that have had a direct negative impact on the British construction sector and the wider built environment, which is making it harder for Open City to obtain support from architecture practices and other built environment professionals. The trustees are aware of this risk and will endeavour to obtain more secure funding streams which are less exposed to the current major economic impacts.

Plans for future periods

Open City adopted a new revised strategy for the 2022/23 year following the Arts Council National Portfolio Organisation (NPO) application, with an extended programme for its ambitions to expand into Birmingham relative to available funding. Open City focused on establishing funding partners in Birmingham for gradual expansion of the education programmes into the city. The long term plan to 2026 is now being developed to take us to the next NPO funding window. The strategic direction will continue to bring the social impact of Open City’s programmes to new audiences in culturally under-served areas while improving the reach and impact of the charity’s core work in the capital.

Office Space

At the end of 2021 the charity secured new office space at Design District, a new development in North Greenwich where it benefited from free office space in return for delivering cultural and educational programmes connected to the Design District. In 2023, Open City moved offices within the district with a three year contract to provide secure premises for the charity. This is at a significantly reduced rate in return for the continuing educational programmes connected to the area and the security of tenancy.

Websites

Following an overhaul of digital infrastructure in 2020, Open City continued to consolidate this work in 2023–24. As one of the largest digital assets of the organisation, the Open House Festival website had further work on its interface to introduce an improved visitor experience for the 2023 London Open House Festival.

Structure, governance and management

Open City Architecture was formed in 1992 and became registered with the Charity Commissioners of England and Wales under registration no. 1072104 in 1996. It is a company limited by guarantee (Company Registration no. 3159878) and is governed by its Memorandum and Articles of Association. The charity changed its name to Open City on the 4th of December 2023.

The Trustees of the charity, who constitute its board of Directors, have been appointed in accordance with the charity's Articles of Association.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors for the purpose of company law, and who served up to the date of signature of the trustees report are:

Pooja Agrawal Dav Bansal Anna Liu Eleanor Dodd Jayden Ali (Resigned 25 November 2024) Sara Bailey Deborah Denner Peter Bury (Appointed 23 May 2023) Edward Francis (Appointed 23 May 2023 and resigned 7 October 2024) Carolyn Larkin (Appointed 23 May 2023) Selina Mason (Appointed 23 May 2023) Roland Oakshett (Appointed 28 May 2024) Aretha Ahunanya (Appointed 28 May 2024)

Recruitment and appointment of trustees

Recruitment of trustees is undertaken through open processes with a periodic call for new trustees through social media, our extensive network, and our supporters. The charity's Articles of Association set out the length and duration of each trustee. Potential trustees are interviewed by a minimum of two existing trustees followed by an invitation to the relevant person to observe a trustee meeting.

Auditor

In accordance with the company's articles, a resolution proposing that McPhersons CFG Ltd be reappointed as auditor of the company will be put at a General Meeting.

16th December 2024

Deborah Denner

Chair of Open City Trustees

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company (and the group) and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OPEN CITY

Qualified opinion

We have audited the financial statements of Open City (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for qualified opinion

We were not appointed as auditor of the company until after 31 March 2024 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2024, which are included in the balance sheet at £34,227, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Key audit matters

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OPEN CITY

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £34,227 held at 31 March 2024. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the charityand its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OPEN CITY

We assessed the susceptibility of the charity’s financial statements to material misstatements, including obtaining an understanding of how fraud might occur; by:

To address the risk of fraud through management bias and override of controls, we-

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OPEN CITY

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Watters FCA BFP (Senior Statutory Auditor) for and on behalf of 20 December 2024

Chartered Accountants Statutory Auditor

is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
262,038
-
Charitable activities
4
137,193
97,149
Other trading activities
6
536,675
-
Investments
5
-
-
Total income
935,906
97,149
Expenditure on:
Raising funds
7
50,271
-
Charitable activities
8
973,224
65,190
Total expenditure
1,023,495
65,190
Net income/(expenditure) and
movement in funds
(87,589)
31,959
Reconciliation of funds:
Fund balances at 1 April 2023
372,270
24,500
Fund balances at 31 March
2024
284,681
56,459		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
262,038
384,663
15,000
234,342
437,139
-
536,675
325,915
-
-
146
-
1,033,055
1,147,863
15,000
50,271
49,920
-
1,038,414
1,000,254
20,501
1,088,685
1,050,174
20,501
(55,630)
97,689
(5,501)
396,770
274,582
30,000
341,140
372,271
24,499		 Total
2023
£
399,663
437,139
325,915
146
1,162,863
49,920
1,020,755
1,070,675
92,188
304,582
396,770

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 14 39,326 42,693
Current assets
Stocks 15 34,227 -
Debtors 16 87,688 55,458
Cash at bank and in hand 382,301 411,389
504,216 466,847
Creditors: amounts falling due within 18
one year (202,402) (112,770)
Net current assets 301,814 354,077
Total assets less current liabilities 341,140 396,770
Net assets excluding pension liability 341,140 396,770
The funds of the charity
Restricted income funds 20 56,459 24,499
Unrestricted funds 284,681 372,271
341,140 396,770

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 19 December 2024

Deborah Denner Trustee Trustee

Selina Mason Trustee Trustee

Company registration number 03159878 (England and Wales)

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
24
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors payable
within one year		 2024
£
(9,142)
-		 £
(19,948)
(9,142)
-
(29,090)
411,389
382,299
382,301
(3)		 2023
£
(51,397)
146		 £
142,431
(51,251)
-
91,180
320,209
411,389
411,389
-

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Open City is a private company limited by guarantee incorporated in England and Wales. The registered office is C1, Design District Unit 2, Floor 11a Cripps Yard, Soames Walk, London, SE10 0BQ.

1.1 Reporting period

These financial statements are presented for a longer 15 month period ending 31st March 2023 due to change in the year end, therefore comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

Designated funds comprise of unrestricted funds that have been aside by the Trustees for particular purposes.

Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.

There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.5 Income

All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Donated services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in the expenditure in the period of receipt.

Due to the nature of Open House (free access to London's best buildings), the charity receives the benefit of venues to hold all its events and programmes each year. At these events volunteers also donate their time. A value has been quantified for this benefit as there is no reasonable market value to base the benefit on.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs may include any back office costs, finance, personnel, payroll and governance costs which support the charities programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities where applicable. The bases on which support costs have been allocated are set out in the notes to the accounts.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% reducing balance
Computer Equipment 25% reducing balance
Website Development 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Taxation

The company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.13 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
76,469
-
Legacies receivable
100,024
-
Grants received
85,545
-
262,038
-		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
76,469
107,208
-
100,024
61,296
15,000
85,545
216,159
-
262,038
384,663
15,000		 Total
2023
£
107,208
76,296
216,159
399,663

4 Income from charitable activities

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Projects
Income from charitable
activities 137,193 97,149 234,342 437,139 - 437,139

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable - 146
Income from other trading activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Corporate Sponsorship 535,885 324,290
Product income 790 1,625
Other trading activities 536,675 325,915
Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Other fundraising costs 50,271 49,920

6 Income from other trading activities

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Expenditure on charitable activities

Direct costs
Staff costs
Project costs
Share of support and governance costs (see note 9)
Support
Governance
Analysis by fund
Unrestricted funds
Restricted funds
9
Support costs allocated to activities
Depreciation
Personnel and travel costs
Premises costs
Telephone and IT costs
Marketing, printing and statonery
Finance costs
Sundry expenses
Governance
Governance costs comprise:
Audit fees
Accountancy		 Total
2024
£
493,973
351,403
845,376
181,348
11,690
1,038,414
973,224
65,190
1,038,414
Total
2024
£
12,510
13,617
16,445
86,809
44,980
4,901
2,086
11,690
193,038
2024
£
7,000
4,690
11,690		 Total
2023
£
503,688
401,814
905,502
109,828
5,425
1,020,755
1,000,254
20,501
1,020,755
Total
2023
£
31,094
11,595
3,949
34,232
9,624
19,334
-
5,425
115,253
2023
£
2,500
2,925
5,425

Governance costs includes £7,000 (2023: £2,500) paid to the Auditor/Independent examiner.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

10 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 7,000 2,500
Depreciation of owned tangible fixed assets 12,510 31,094

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

12 Employees

The average monthly number of employees during the year was:

Management and administration
Projects
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
2
12
14
2024
£
455,002
30,284
8,687
493,973		 2023
Number
2
12
14
2023
£
456,334
37,630
9,724
503,688

There were no employees whose annual remuneration was more than £60,000.

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14
Tangible fixed assets
Fixtures and
fittings
Computer
Equipment
Website
Development
£
£
£
Cost
At 1 April 2023
19,181
44,910
229,880
Additions
-
160
8,982
At 31 March 2024
19,181
45,070
238,862
Depreciation and impairment
At 1 April 2023
18,678
43,837
188,762
Depreciation charged in the year
126
308
12,076
At 31 March 2024
18,804
44,145
200,838
Carrying amount
At 31 March 2024
377
925
38,024
At 31 March 2023
503
1,073
41,117
15
Stocks
2024
£
Finished goods and goods for resale
34,227
16
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
86,151
Other debtors
1,537
Prepayments and accrued income
-
87,688
17
Loans and overdrafts
2024
£
Bank overdrafts
3
Payable within one year
3		 Total
£
293,971
9,142
303,113
251,277
12,510
263,787
39,326
42,693
2023
£
-
2023
£
51,734
1,537
2,187
55,458
2023
£
-
-

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Loans and overdrafts

(Continued)

18
Creditors: amounts falling due within one year
Notes
Bank overdrafts
17
Other taxation and social security
Payments received on account
Trade creditors
Other creditors
Accruals and deferred income
19
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
3
93,263
86,905
11,473
1,758
9,000
202,402
2024
£
8,687		 2023
£
-
59,247
35,365
9,652
3,081
5,425
112,770
2023
£
9,724

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
Baylight Foundation 24,500 3,000 (1,574) 25,926
Geoff Herrington - 12,000 (12,000) -
Greater London Authority - 1,000 (1,000) -
Foundation for future London - 10,000 (10,000) -
NEU - 1,500 (1,500) -
Tallow Chanders Company - 3,000 (3,000) -
City Bridge Trust - 27,200 (19,696) 7,504
Johyn Lyon's Send - 27,000 (3,971) 23,029
Christina Smith Foundation - 5,675 (5,675) -
Conseilde l'Europe EH Days Funding - 6,774 (6,774) -
24,500 97,149 (65,190) 56,459

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

20 Restricted funds (Continued)
Previous period: At 1 April Incoming Resources At 31 March
2022 resources expended 2023
£ £ £ £
Housing Masterclass 30,000 15,000 (20,501) 24,499

Purpose of restricted funds

Johyn Lyon's SEND - This is funding for Its My City Too: in-school workshops for SEN children.

Christina Smith Foundation - This is funding for Open House Festival 2024: Animate (jazz performance). Animate is an interdisciplinary Festival initiative to awaken the buildings and spaces showcased in the festival with complimentary art forms, such as music, dance, or visual art. In this instance we received funding to stage a jazz performance at a library in South Norwood.

City Bridge Trust - This is funding for Open House Festival 2024: City Curators (young people's development programme). City Curators is for graduates of our young people's programmes in their late teens and early twenties. Our City Curators engage in several weeks of mentoring and workshops, in addition to curating their own Festival collections and running events for members of the public during the Festival.

Conseilde l'Europe EH Days Funding - This is funding for Open House Festival 2024: Animate (Beck Road artist exhibition). This was another part of our Animate programme, in which we supported a neighbourhood collective to showcase visual art and hold workshops, while also opening their homes and studio spaces for the Festival.

21 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
General funds 372,270 935,906 (1,023,495) 284,681

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21 Unrestricted funds (Continued)
Previous period: At 1 April Incoming Resources At 31 March
2022 resources expended 2023
£ £ £ £
General funds 274,582 1,147,863 (1,050,174) 372,271
22 Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 March 2024:
Tangible assets 39,326 - 39,326
Current assets/(liabilities) 245,355 56,459 301,814
284,681 56,459 341,140
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 March 2023:
Tangible assets 42,693 - 42,693
Current assets/(liabilities) 329,578 24,499 354,077
372,271 24,499 396,770
23 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
24 Cash generated from operations 2024 2023
£ £
(Deficit)/surpus for the year (55,630) 92,188
Adjustments for:
Investment income recognised in statement of financial activities - (146)
Depreciation and impairment of tangible fixed assets 12,510 31,094
Movements in working capital:
(Increase) in stocks (34,227) -
(Increase)/decrease in debtors (32,230) 77,450
Increase/(decrease) in creditors 89,629 (58,155)
Cash (absorbed by)/generated from operations (19,948) 142,431

OPEN CITY (FORMERLY OPEN CITY ARCHITECTURE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Analysis of changes in net funds

The charity had no material debt during the year.